Ramsay Health Care is the largest private hospital group in Australia and owns 151 hospitals around the world employing more than 30,000 people.

Mr Ramsay owned 36.2 per cent of the company, which has a market value of $9.03 billion.

He also had interests in regional television operator Prime Media Group, which he was chairman of until last month, as well as investments in digital advertising, property and agriculture.

Given the size of Mr Ramsay's holding in the company bearing his name, its board has informed the share market that his executors have notified it that the "vast majority" of his controlling shareholding will benefit the trust, with most of it being retained on trust for the Paul Ramsay Foundation.

The foundation is administered by Michael Siddle, Peter Evans and Tony Clark, who are also directors of Ramsay Health Care.

They have indicated that, in accordance with Mr Ramsay's will, the intention is for the foundation to remain as a significant long-term shareholder in Ramsay Health Care.

Prime Minister Tony Abbott has paid tribute to Mr Ramsay.

"I’ve known Paul for 41 years. For 41 years he has been a friend, at times a benefactor, and certainly in many ways an inspiration," Mr Abbott said in a statement..

"He built a remarkable business empire on the basis of fundamental decency.

"He will be much missed by me, and by a very wide circle of people who he helped and befriended."